On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An offic
On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $6,300,000. Xilon paid $4,150,000 in cash and the remainder was paid by the city of Monrovia.
Required:
1. Prepare the journal entries to record the acquisition of the land and the building. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An offic
On February 1, 2021, the Xilon Corporation issued 59,000 shares of its no-par common stock in...
On February 1, 2021, the Xilon Corporation issued 59,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $16 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $8,000,000. Xilon paid $5,000,000 in cash and the remainder was paid...
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On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
1. 2. 3. 4. February 1 Issues 4,200 shares of no-par common stock for $15 per...
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February 1 Issues 4,200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Journal entry worksheet 2 3 4 5 Record the issuance...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. E...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
On February 1, 2021, the Xilon Corporation issued 59,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $16 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $8,000,000. Xilon paid $5,000,000 in cash and the remainder was paid...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,170,000 1,860,000 1,120,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $109 per share 114,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 16,900 shares of its...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
1.
2.
3.
4.
February 1 Issues 4,200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Journal entry worksheet 2 3 4 5 Record the issuance...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
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